For better or worse, St. Petersburg is on the move again. Some may say that the Burg is experiencing the revitalization and vibrancy of growth seen in the Miami-South Beach Renaissance of the 1990’s. St. Petersburg has a long reputation of being a physically and emotionally healing destination. Once known as “God’s waiting room” but now no longer, the Sunshine City has seen a significant decrease in the median age demographic over the past decade from an average age of 65 years to 43 years. This renewed vibrancy brings an expanding art and artist community, the exuberance of the hipster subculture and many new business opportunities including the Cross Bay Ferry that create greater appeal of this quaint city.
With a meager population of 250,000 residents and bounded by water on three sides, St. Petersburg is projected to have a steady rise in the population over the next decade. Home values have not fully recovered from the pre-recession time period making reasonable real estate investments still possible. However, in answer to the ever growing need for housing in an already tight environment with only 2.5 months of reserves consistently present month over month for the past couple of years, the city has begun a massive plan to take the city upward, both literally and figuratively, with the addition of multiple downtown high-rise condominium buildings. Mayor Rick Kriseman states that as many as 10,000 new housing units may be available over the next few years. As such and due to its close proximity both to downtown and the water, the Old Northeast should expect to see continued and sustainable increases in property values as well as rents over the next several years.